Cicada Forms AML Compliance Subsidiary

Data technology firm Cicada has formed a new subsidiary, Profiler Solutions, to concentrate on developing software applications for managing customer data and meeting compliance due diligence requirements, in support of regulatory requirements such as Know Your Customer (KYC) and Anti

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Data technology firm Cicada has formed a new subsidiary, Profiler Solutions, to concentrate on developing software applications for managing customer data and meeting compliance due diligence requirements, in support of regulatory requirements such as Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Its flagship KYC product, Profiler, already offers AML/KYC compliance processes.

Profiler Solutions is also releasing modules that aim to address the customer data issues related to the Markets in Financial Instruments Directive (MiFID) in Europe. Profiler Solutions will focus on the requirements for client classifications and associated customer data for MiFID compliance.

“We have been very pleased with our success to-date with Profiler and the fast growth of the compliance solutions industry,” says Gregory Smith, Cicada’s CEO. “By forming a dedicated business unit we can focus and drive our efforts in helping our customers achieve improved efficiencies in their compliance business processes and mitigate their risk of non-compliance with AML/KYC and MiFID regulations.”

Cicada has named Hubert Holmes, Cicada’s Executive Vice President, to head Profiler Solutions. Holmes remains EVP of Cicada. Joining the new subsidiary on the management team will be Cicada veterans Wendy Kassel, Vice President of product and program management at Cicada, and David Culbertson, Vice President of channels and alliances at Cicada. Both Kassel and Culbertson will report to Holmes.

Profiler makes use of compliance-driven rules to automatically calculate attributes such as risk ratings, checklists and customer classifications.

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